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In History Departments, It's Up With Capitalism
#1
http://www.nytimes.com/2013/04/07/educat...nted=print

The New York Times
April 6, 2013

In History Departments, It's Up With Capitalism

By JENNIFER SCHUESSLER


A specter is haunting university history departments: the specter of capitalism.

After decades of "history from below," focusing on women, minorities and other marginalized people seizing their destiny, a new generation of scholars is increasingly turning to what, strangely, risked becoming the most marginalized group of all: the bosses, bankers and brokers who run the economy.

Even before the financial crisis, courses in "the history of capitalism" as the new discipline bills itself began proliferating on campuses, along with dissertations on once deeply unsexy topics like insurance, banking and regulation. The events of 2008 and their long aftermath have given urgency to the scholarly realization that it really is the economy, stupid.

The financial meltdown also created a serious market opportunity. Columbia University Press recently introduced a new "Studies in the History of U.S. Capitalism" book series ("This is not your father's business history," the proposal promised), and other top university presses have been snapping up dissertations on 19th-century insurance and early-20th-century stock speculation, with trade publishers and op-ed editors following close behind.

The dominant question in American politics today, scholars say, is the relationship between democracy and the capitalist economy. "And to understand capitalism," said Jonathan Levy, an assistant professor of history at Princeton University and the author of "Freaks of Fortune: The Emerging World of Capitalism and Risk in America," "you've got to understand capitalists."

That doesn't mean just looking in the executive suite and ledger books, scholars are quick to emphasize. The new work marries hardheaded economic analysis with the insights of social and cultural history, integrating the bosses'-eye view with that of the office drones and consumers who power the system.

"I like to call it history from below, all the way to the top,' " said Louis Hyman, an assistant professor of labor relations, law and history at Cornell and the author of "Debtor Nation: The History of America in Red Ink."

The new history of capitalism is less a movement than what proponents call a "cohort": a loosely linked group of scholars who came of age after the end of the cold war cleared some ideological ground, inspired by work that came before but unbeholden to the questions like, why didn't socialism take root in America? that animated previous generations of labor historians.

Instead of searching for working-class radicalism, they looked at office clerks and entrepreneurs.

"Earlier, a lot of these topics would've been greeted with a yawn," said Stephen Mihm, an associate professor of history at the University of Georgia and the author of "A Nation of Counterfeiters: Capitalists, Con Men and the Making of the United States." "But then the crisis hit, and people started asking, Oh my God, what has Wall Street been doing for the last 100 years?' "

In 1996, when the Harvard historian Sven Beckert proposed an undergraduate seminar called the History of American Capitalism the first of its kind, he believes colleagues were skeptical. "They thought no one would be interested," he said.

But the seminar drew nearly 100 applicants for 15 spots and grew into one of the biggest lecture courses at Harvard, which in 2008 created a full-fledged Program on the Study of U.S. Capitalism. That initiative led to similar ones on other campuses, as courses and programs at Princeton, Brown, Georgia, the New School, the University of Wisconsin and elsewhere also began drawing crowds sometimes with the help of canny brand management.

After Seth Rockman, an associate professor of history at Brown, changed the name of his course from Capitalism, Slavery and the Economy of Early America to simply Capitalism, students concentrating in economics and international relations started showing up alongside the student labor activists and development studies people.

"It's become a space where you can bring together segments of the university that are not always in conversation," Dr. Rockman said. (Next fall the course will become Brown's introductory American history survey.)

While most scholars in the field reject the purely oppositional stance of earlier Marxist history, they also take a distinctly critical view of neoclassical economics, with its tidy mathematical models and crisp axioms about rational actors.

Markets and financial institutions "were created by people making particular choices at particular historical moments," said Julia Ott, an assistant professor in the history of capitalism at the New School (the first person, several scholars said, to be hired under such a title).

To dramatize that point, Dr. Ott has students in her course Whose Street? Wall Street! dress up in 19th-century costume and re-enact a primal scene in financial history: the early days of the Chicago Board of Trade.

Some of her colleagues take a similarly playful approach. To promote a two-week history of capitalism "boot camp" to be inaugurated this summer at Cornell, Dr. Hyman (a former consultant at McKinsey & Company) designed "history of capitalism" T-shirts.

The camp, he explained, is aimed at getting relatively innumerate historians up to speed on the kinds of financial data and documents found in business archives. Understanding capitalism, Dr. Hyman said, requires "both Foucault and regressions."

It also, scholars insist, requires keeping race and gender in the picture.

As examples, they point to books like Nathan Connolly's "World More Concrete: Real Estate and the Remaking of Jim Crow South Florida," coming next year, and Bethany Moreton's "To Serve God and Wal-Mart: The Making of Christian Free Enterprise" (Harvard, 2009), winner of multiple prizes, which examines the role of evangelical Christian values in mobilizing the company's largely female work force.

The history of capitalism has also benefited from a surge of new, economically minded scholarship on slavery, with scholars increasingly arguing that Northern factories and Southern plantations were not opposing economic systems, as the old narrative has it, but deeply entwined.

And that entwining, some argue, involved people far beyond the plantations and factories themselves, thanks to financial shenanigans that resonate in our own time.

In a paper called "Toxic Debt, Liar Loans and Securitized Human Beings: The Panic of 1837 and the Fate of Slavery," Edward Baptist, a historian at Cornell, looked at the way small investors across America and Europe snapped up exotic financial instruments based on slave holdings, much as people over the past decade went wild for mortgage-backed securities and collateralized debt obligations with a similarly disastrous outcome.

Other scholars track companies and commodities across national borders. Dr. Beckert's "Empire of Cotton," to be published by Alfred A. Knopf, traces the rise of global capitalism over the past 350 years through one crop. Nan Enstad's book in progress, "The Jim Crow Cigarette: Following Tobacco Road From North Carolina to China and Back," examines how Southern tobacco workers, and Southern racial ideology, helped build the Chinese cigarette industry in the early 20th century.

Whether scrutiny of the history of capitalism represents a genuine paradigm shift or a case of scholarly tulip mania, one thing is clear.

"The worse things are for the economy," Dr. Beckert said wryly, "the better they are for the discipline."

AdeLe
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#2
Which just goes to prove what most of already know, people are fascinated by bank heists...
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14
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#3
David Guyatt Wrote:Which just goes to prove what most of already know, people are fascinated by bank heists...

From Bonnie and Clyde, through to Goldman and Sachs......Pirate
"Let me issue and control a nation's money and I care not who writes the laws. - Mayer Rothschild
"Civil disobedience is not our problem. Our problem is civil obedience! People are obedient in the face of poverty, starvation, stupidity, war, and cruelty. Our problem is that grand thieves are running the country. That's our problem!" - Howard Zinn
"If there is no struggle there is no progress. Power concedes nothing without a demand. It never did and never will" - Frederick Douglass
Reply
#4
Peter Lemkin Wrote:
David Guyatt Wrote:Which just goes to prove what most of already know, people are fascinated by bank heists...

From Bonnie and Clyde, through to Goldman and Sachs......Pirate
But most people would cheer Bonnie and Clyde for getting away with it. I don't know any one who cheer Goldman Sachs for getting away with it.
"The philosophers have only interpreted the world, in various ways. The point, however, is to change it." Karl Marx

"He would, wouldn't he?" Mandy Rice-Davies. When asked in court whether she knew that Lord Astor had denied having sex with her.

“I think it would be a good idea” Ghandi, when asked about Western Civilisation.
Reply
#5
Quote:To promote a two-week history of capitalism "boot camp" to be inaugurated this summer at Cornell, Dr. Hyman (a former consultant at McKinsey & Company) designed "history of capitalism" T-shirts.

The camp, he explained, is aimed at getting relatively innumerate historians up to speed on the kinds of financial data and documents found in business archives. Understanding capitalism, Dr. Hyman said, requires "both Foucault and regressions."

Someone help us!

McKinsey framing academic study of capitalism to include both Foucault and regressions.

:mistress:

We already have that pile of steaming ordure: it's called Shock Therapy, its doctrine is snakeoiled by the Chicago School, and its S&M god is Milton Friedman.
"It means this War was never political at all, the politics was all theatre, all just to keep the people distracted...."
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."

Gravity's Rainbow, Thomas Pynchon

"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war
Reply
#6
I guess these historians of Capitalism aren't interested in the essence of capitalism as a historic event in the history of economic development throughtout the ages.

Adele
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